Nvidia $50 Billion Stock Buyback 💰️ 🤑

Good morning. It's Thursday, Aug. 29, and we're covering, Nvidia Announces $50 Billion Stock Buyback, OpenAI Eyes $100 Billion Valuation In New Funding Round, Russia Bans 92 U.S. Journalists, Lawyers, and Business Leaders, and much more. First time reading? Sign up to get this newsletter: Sign up here.

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MARKETS

Cryptocurrency Prices by Market Cap

• Today's global cryptocurrency market cap is $2.1 Trillion, a 0.65% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $82.01B, which makes a 7.35% decrease.

• The total volume in Defi is currently $4.25B, 5.18% of the total crypto market 24-hours.

• The volume of all stablecoins is now $76.75B, which is 93.55% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 56.01%, an decrease of 0.19% over the day.

BUSINESS & FINANCE

Nvidia Announces $50 Billion Stock Buyback

Nvidia announced a $50 billion stock buyback, approved by its board of directors, as part of its fiscal second-quarter earnings report. The buyback comes after Nvidia reported strong financial results, surpassing Wall Street expectations. In the first half of its fiscal 2025, Nvidia returned $15.4 billion to shareholders via stock repurchases and dividends.

Takeaway: Nvidia shares dipped 4% in after-hours trading. Experts suggest that Nvidia’s consistent success has made it difficult to further impress investors. The company's second-quarter sales surged 122% year over year to $30.04 billion, with net income rising 168% to $16.6 billion. Nvidia also projected third-quarter sales of $32.5 billion, exceeding analysts' estimates. (Read Deeper)

SEC Threatens Legal Action Against NFT Marketplace OpenSea

The U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to NFT marketplace OpenSea, indicating it may pursue legal action against the company. OpenSea's CEO, Devin Finzer, shared the news on social media platform X, revealing that the SEC views NFTs on the platform as securities. This move is part of the SEC's ongoing regulatory push within the crypto industry, which has sparked tensions over how assets like NFTs should be classified and regulated.

Takeaway: OpenSea expressed surprise at the SEC's stance, claiming that NFTs are typically not considered securities. Finzer also indicated that OpenSea is prepared to challenge the SEC in court. The NFT market, already struggling after a significant downturn in the broader crypto market, faces additional pressure as regulatory scrutiny increases. (Read Deeper)

TECHNOLOGY & SCIENCE

OpenAI Eyes $100 Billion Valuation In New Funding Round

OpenAI, the company behind ChatGPT, is reportedly in talks to raise a new funding round that would value the company at over $100 billion. Thrive Capital is leading the round with a $1 billion investment, while Microsoft is also expected to participate. This would be OpenAI’s largest capital raise since Microsoft’s $10 billion investment in January 2023. Despite generating $3.4 billion in revenue this year, OpenAI is projected to lose $5 billion by year-end, having already spent $8.5 billion on AI development and staffing.

Why It Matters: This fundraising effort marks OpenAI’s largest external capital injection since January 2023, when Microsoft made a landmark investment of nearly $10 billion. The fresh capital comes at a crucial time for the company, which is experiencing rapid growth alongside escalating costs. (Read Deeper)

Apple Introduces "Clean Up" AN AI Object Removal In Photos

Apple's latest developer beta updates for iOS 18.1, iPadOS 18.1, and macOS 15.1 introduce a new AI-powered feature called "Clean Up," which allows users to remove unwanted objects from photos. The system uses artificial intelligence to seamlessly generate background elements to replace the removed objects, even handling shadows and reflections. Users can select objects for removal with one tap or manually circle or brush over them. This feature follows the earlier release of Apple Intelligence tools and competes with Google’s Magic Eraser in Google Photos.

Takeaway: The Clean Up feature enables users to select and remove objects from images without disrupting the overall picture quality. Leveraging artificial intelligence, the system can generate realistic background elements to replace the removed objects. The introduction of Clean Up follows the initial release of Apple Intelligence features in July with iOS 18.1 dev beta. Apple Intelligence, currently available only in English for users with their region set to the U.S., aims to enhance user experience by integrating advanced AI capabilities into everyday tasks. (Read Deeper)

AROUND DE WORLD & POLITICS

Russia Bans 92 U.S. Journalists, Lawyers, and Business Leaders

Russia has banned 92 U.S. citizens, including journalists, lawyers, and business leaders, from entering the country, citing Washington’s "Russophobic" policies. Among those barred are employees from The Wall Street Journal, The New York Times, and The Washington Post. Moscow accused these journalists of spreading false information about its military. The move is a response to U.S. sanctions on Russia over the war in Ukraine. Relations between the two countries have hit a low, with Russia framing its actions as part of a broader struggle against the West.

Takeaway: The Russian foreign ministry framed the entry bans as retaliation against the Biden administration's sweeping sanctions targeting Russian politicians, business leaders, and journalists. This latest round of restrictions also comes just days after Russia warned that the West was "playing with fire" by considering allowing Ukraine to strike deeper into Russian territory with Western-supplied missiles. (Read Deeper)

Typhoon Shanshan Strikes Southern Japan, Leaving Three Dead

Typhoon Shanshan made landfall in southern Japan, leading to the deaths of three people and leaving three others missing after a landslide in Aichi prefecture. The storm brought winds up to 252 km/h and heavy rains, causing widespread damage, power outages for 255,000 homes, and injuries to at least 39 people. Evacuation advisories were issued to over 866,000 residents, and major companies like Toyota and Nissan shut down operations.

Takeaway: The Japan Meteorological Agency issued a rare "special warning" due to the storm's severity, with Shanshan expected to approach central Japan, including Tokyo, over the weekend. The fatalities include a couple in their 70s and a man in his 30s, who were part of a family of five whose home in Gamagori, central Japan, was swept away by the storm. The other two family members, both women in their 40s, were rescued after an all-night recovery effort. (Read Deeper)

ENTERTAINMENT & SPORTS

Spectacular Opening Ceremony Kicks Off Paris 2024 Paralympic Games

The Paris 2024 Paralympic Games began with a spectacular opening ceremony featuring athletes parading down the famous Champs-Elysees to the Place de la Concorde, marking a historic moment as the first Paralympics ceremony held outside a stadium. The event took place on a perfect summer evening, with organizers estimating a crowd of 65,000 spectators, many of whom watched the parade for free. Paris will host 4,400 athletes from a record 168 delegations, competing in 22 sports for 549 gold medals over 11 days of action. (Read Deeper)

Chiesa Set To Become Seventh Italian Player To Represent Liverpool

Federico Chiesa is poised to become the seventh Italian player to feature for Liverpool in the Premier League era, with his transfer from Juventus expected to be finalized later this week. Liverpool will reportedly pay just over €13 million for the 26-year-old winger. Chiesa, who has been training separately at Juventus' Continassa facility, was informed that he is not part of coach Thiago Motta's plans for the current season. ( Read Deeper )

PODCAST(WHAT WE ARE LISTENING TO)

• U.S. authorities have issued repeated warnings about the potential for foreign governments to attempt interference in the upcoming presidential election. (Listen)

EXTRA BREVITI

• Senator Rick Scott has raised concerns about Intel's plans to cut over 15,000 jobs. (Read More)

• Starlink Launches in Botswana Following License Approval. (Read More)

• FBI Releases New Photos and Details in Trump Shooting Investigation. (Read More)